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The Social Cost of Carbon

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  • Richard S. J. Tol

Abstract

The social cost of carbon is the damage avoided by slightly reducing carbon dioxide emissions. It is a measure of the desired intensity of climate policy. The social cost of carbon is highly uncertain because of the long and complex cause-effect chain, and because it quantifies and aggregates impacts over a long period of time, affecting all people in a wide range of possible futures. Recent estimates are around $\$$80/tCO$_2$.

Suggested Citation

  • Richard S. J. Tol, 2023. "The Social Cost of Carbon," Papers 2310.12760, arXiv.org.
    • Handle: RePEc:arx:papers:2310.12760
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    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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